REGISTERED NUMBER: 09026218 (England and Wales)

ICEBLUE GLOBAL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

Mr M T Hendrick

Mr S D Taylor

Mr Z Alsikafi

Mr P C Shutt

Mrs M E Stanhope

REGISTERED OFFICE:

The Walbrook Building

25 Walbrook

LONDON

EC4N 8AF

REGISTERED NUMBER:

09026218 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

National Westminster Bank Plc

151 High Street

Guildford

Surrey

GU1 3AH

FIXED ASSETS

Property, plant and equipment

4

12,165

11,115

Investments

5

78

78

12,243

11,193

CURRENT ASSETS

Debtors

6

717,019

475,428

Cash at bank and in hand

678,876

227,872

1,395,895

703,300

CREDITORS

Amounts falling due within one year

7

1,068,216

605,479

NET CURRENT ASSETS

327,679

97,821

TOTAL ASSETS LESS CURRENT LIABILITIES

339,922

109,014

CREDITORS

Amounts falling due after more than one year

8

(3,224

)

(7,036

)

PROVISIONS FOR LIABILITIES

-

(2,693

)

NET ASSETS

336,698

99,285

CAPITAL AND RESERVES

Called up share capital

10

226

125

Share premium

43,591

1,855

Share options

-

2,718

Retained earnings

292,881

94,587

SHAREHOLDERS' FUNDS

336,698

99,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th December 2025 and were signed on its behalf by:

Mr M T Hendrick - Director

1.	STATUTORY INFORMATION

Blue Planet Networks Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09026218

Registered office: The Walbrook Building, 25 Walbrook, London, United Kingdom, EC4N 8AF

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover

Revenue in respect of installation charges is measured at the fair value of consideration receivable, excluding discounts and value added tax, once the installation has been signed off as complete.

Revenue in respect of recurring service charges is measured at the fair value of consideration receivable, excluding discounts and value added tax, over the term of the contract. In the case of early contract termination, the company's obligation to deliver continued services ceases. Early termination fees are recognised in full at the time of the termination of the contract and measured at the fair value of the consideration receivable, excluding discounts and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 12 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1st April 2024

24,886

Additions

4,321

Disposals

(582

)

At 31st March 2025

28,625

DEPRECIATION

At 1st April 2024

13,771

Charge for year

3,271

Eliminated on disposal

(582

)

At 31st March 2025

16,460

NET BOOK VALUE

At 31st March 2025

12,165

At 31st March 2024

11,115

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2024

and 31st March 2025

10,084

DEPRECIATION

At 1st April 2024

709

Charge for year

2,257

At 31st March 2025

2,966

NET BOOK VALUE

At 31st March 2025

7,118

At 31st March 2024

9,375

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2024

and 31st March 2025

78

NET BOOK VALUE

At 31st March 2025

78

At 31st March 2024

78

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

115,501

242,818

Amounts owed by group undertakings

49,010

38,023

Other debtors

223,302

194,587

387,813

475,428

Amounts falling due after more than one year:

Other debtors

329,206

-

Aggregate amounts

717,019

475,428

Deferred tax asset

2025

£

Accelerated capital allowances

(3,041

)

Deferred tax losses

332,247

329,206

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

3,813

3,257

Trade creditors

315,110

267,197

Amounts owed to group undertakings

297,899

-

Taxation and social security

282,584

277,377

Other creditors

168,810

57,648

1,068,216

605,479

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

3,224

7,036

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

3,813

3,257

Between one and five years

3,224

7,036

7,037

10,293

Non-cancellable

operating leases

2025

2024

£

£

Within one year

2,772,305

2,057,655

Between one and five years

3,185,037

2,872,381

5,957,342

4,930,036

The above commitments relate to a number of contracts for the procurement of services which form the majority of the company's cost of sales. Each individual contract has been entered into specifically for the facilitation and delivery of an agreed service contract with one of the company's customers. As such, the future income derived from the service contracts with the company's customers will be used to settle these future commitments.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2,221

10p Ordinary

10p

188

87

38

A Ordinary

10p

38

38

226

125

Following the exercising of 1,009 share options during the year, 1,009 shares were issued at a premium of £41.46 per share. Further details regarding these share options can be found in note 12.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2025 and 31st March 2024:

2025

2024

£

£

Mr M T Hendrick

Balance outstanding at start of year

15,701

15,701

Amounts advanced

60

-

Amounts repaid

(15,701

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

60

15,701

Mr S D Taylor

Balance outstanding at start of year

32,937

32,937

Amounts advanced

125

-

Amounts repaid

(32,937

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

125

32,937

Mr S A Corfe

Balance outstanding at start of year

22,444

22,756

Amounts repaid

(22,444

)

(312

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

22,444

Interest was charged on the above loans at 2.25% (2024: 2.25%) and in respect of the outstanding balance, there is no fixed repayment date (2024: repaid on 30 June 2024).

12.	SHARE-BASED PAYMENT TRANSACTIONS

On 9 December 2022, the company awarded share options under a Enterprise Management Incentive (EMI) scheme to employees. Options have been granted over a total of 1,032 shares with a weighted average exercise price of £40.98 per share. 23 options were forfeit in the previous year and the remaining 1,009 were exercised during the period at a weighted average exercise price of £41.46 per share. An amount of £2,887 has been recognised as an expense in the year ended 31 March 2025. The balance on the share option reserve at 31 March 2025 is Nil. Following the exercising of the remaining shares, £5,605 had been transferred from the share option reserve to the profit and loss reserve.